in hewlett packard. that set asinis lsinins a that set asinis nine-year low. stay tuned. maria continues with the second hour of the "closing bell." i'll see you tomorrow. and it is 4:00 on wall street. do you know where your money is? hi, everybody. welcome back to the "closing bell." i'm maria bartiromo on the floor of the new york stock exchange. the market closing off of the highs of the day, butt d the dos going to avoid closing lower in the last nine sessions. apple is higher by about 1.5% this afternoon. hewlett packard, a different story. weighing on the dow today. hp shares sliding to multiyear lows. the stock is in danger of closing below $15 a share for the first time in nearly a decade. the company is one of the largest market cap losses in 2012. take a look at where we finished

today. the dow picking up about 12.5 points today. nasdaq the winner on the session, up 15 points. apple represents about 19 p% of the nasdaq 100. s&p 500 high at 1451 even. the next two days will be eventful for the markets from tonight's presidential debate to september's jobs report coming out first thing on friday. we get a preview with our market panel right now. keith springer with me along with steve wood and mandy drury. thank you for joining us. let me get your take, steve. on the jobs report on friday, what should we expect? >> i think it's going to come in lighter than the adp. the adp has been a poor indicator of the jobs number. i think there's a reason the fed gave us qe-3, because they saw the softness in the labor market. i think it could come in a little on the weak side. more importantly, the official

jobs number is the revisions backwards. they've been going back through previous months and knocking down those numbers. i think i wouldn't be surprised if it came in a little soft. >> kate, do you agree with that? if so, is this priced into the market? >> yes, absolutely priced in, maria. great question. what they're going to expect is for it to be terrible. if it isn't terrible, we'll see a rally. what matters most to this market is earnings. we're in pre-earnings disappointment season where we're going to float a little bit until earnings come out. we've seen a friend where earnings have beat expectations. we've gone down to earnings, earnings beat expectations, then we've had a good rally. i think that's exactly what's going to happen again this quarter. >> after the employment numbers are done, we're focused on fundamentals in terms of earnings. what are we looking at? >> we're looking at many, many things. so many things in this quarter that could be hurdles, challenges, things that could hinder us. i really want to bring up something we were looking at today on "street signs." that is despite the fact that

obviously the markets themselves look moderately positive at the close, oil took a huge big tumble. it was down about $4 a barrel today. you have to ask yourself what is going on here because as steve was saying, back on september 13th when qe-3 was announced, you would have thought normally that should boost risk assets, right? like commodities, like oil. the futures have been down about 10%, maybe more. one guest we had on today said since we broke below 90, it was kind of like a psychological and technical level that opens us up more to the downside. the fact that we're seeing oil drop like this is showing that there's a lot of concern out there about growth. not just about growth here in the united states, but growth in china, growth in the eurozone, and where demand is going to come from. >> all right. steven, one thing we are expecting from these quarterly numbers is a contraction in earnings. they are expected to be negative for the third quarter. i expect it to bounce back in the fourth quarter.

wrote are you expecting any big blowups? we saw norfolk southern, caterpillar, these large multinationals that are disappointing. what's on the horizon? >> we are zfdefinitely in a maturing earnings cycle. i think earnings will come in line with expectations that have been reduced dramatically. i think more importantly than the earnings may well be the top line revenue. so analysts are going to get out a microscope, be looking at revenues to see what's happening there. this is going to be a challenging environment. mandy, great point. china's deceleration is very important. it's very real. you're seeing that in commodity complex. i think that revenue line is going to be very, very important. that's probably going to come in soft. >> all right. we'll leave it there. thanks, everybody. appreciate your time tonight. we'll keep watching this market and the fundamentals around it. we look now where the big money is eyeing and whether or not foreign money is coming into the

u.s. we have henry m henry mcveigh w. tell me what you're hearing. >> the clients with the long-term focus are the ones we traditionally work with. we see opportunities. we have a very big presence in asia. i was just over in hong kong and india. we're finding things to do on the consumer side. i would tell you, i do think the chinese economy in particular, the export economy, is structurally broken. i think that's a big change. i've been going to china since 1995. i think there's a fundamental shift in what's going on. we saw that in the caterpillar numbers. you saw that in the federal express numbers. some people think that's cyclical. i think there's prob a m secular component to it. >> this is a very important point you're making because china's growth has been driven by the export economy. you're saying that it's in trouble, it's broken. >> i'm not saying it's broken. i'm saying there's a transition

going on towards consumption exporting to europe and real estate are no longer going to be their drivers nap will probably create more volatility than we've had in the past. >> how easy is it to expect this transition? you're buying in the consumer space. >> yes, and you have the transition of the government. one of the other big messages we picked up over there, particularly in i understondia, emerging market central banks, they're very concerned about what the traditional bank of england, fed, ecb are doing with monetary policy. the fed is now at the extreme. we've tied our monetary policy to unemployment rates. the concern is that's going to bleed into inflation in their markets. you have half the world, the developed market, saying reflation, reflation, reflation. at the same time, the eu markets want to grow, but they don't want that inflation. so they're at odds. that's why you hear brazil's

government telling you there's somewhat of a currency war going on. so, look, there's always something. going on. i mean, it's been a very volatile year. the market is up 33% over the last 12 months. there's been plenty to do. our view is this volatility is creating opportunity. you've got to be global. you've got to be across multiple assets. you have to be coordinated in terms of your approach. we're finding a lot of different things to do across both our liquid business as well as our private business. you've got to be thoughtful. >> do you worry that the transparency is not there in china? i mean, some people say, look, they can say they're growing 7%, but we don't know if that's true. >> we're dealing with transparency issues everywhere. why are we having reregulation in the u.s. financial services? investors from the 1990s through about 2007 allocated money and transparency wasn't a big issue. when you look at emerging markets, there's concerns about corruptions, developed markets, there's concerns about, you know, is this company

overlevered in the financial institution space. i think what we're trying to do is take that trend and make sure we're investing alongside people where we have transparency, you have the growth dynamics. it's choppy out there. >> everybody's looking for yield in and environment where we have rock bottom rates. where are you finding yield? >> i would say as a firm, the two areas we're finding the best opportunities, one, you can see what we're doing with our balance sheet. we have a $6.5 billion balance sheet. we put a fair amount to work in the real estate space, particularly in the opportunistic and non-core. >> is that commercial? >> we're doing some stuff in commercial. we just bought a senior home provider. the second thing is we've got a wonderful energy practice. we're going a lot of things. our mantra is we want to find our clients yield, growth, and inflation hedging. we're doing that across our real assets. energy, infrastructure, real

estate, and that's something we're very well prepared to do and we've been able to partner with our clients and put a fair amount of capital in that space. i think that will continue to be a big area for the firm. >> what about technology? you know, larry ellison yesterday talking about growth from the cloud. that's obviously one of the themes within tech. what where are you seeing nunt tech? >> technology in the u.s. is 15% of our market cap. it's 3% in europe. it's a core competency in the u.s. what i think is happening right now is remember in 1998 the world turned down, but it was asia that was in trouble. the central banks put liquidity in and technology did well, particularly growth stocks. my view right now is instead of asia being in trouble, it's europe, but people are going to migrate towards some of the good growth stocks. you've seen that in names, you know, some of the bigger cap technology names. i would be very focused on things that have yield growth and inflation hedging. i would focus on the technology

sector. as we have a bumpy ride on economic growth globally, i think public investors are going to migrate towards those names. >> you finding growth in europe? >> growth is tough to come by in europe. >> just wanted to throw that out there. always nice to see you. >> absolutely. thank you. >> henry mcveigh joining us here at the nyse. don't even think about touching that remote. we have a lot more ahead on this jac jam-packed wednesday edition of the "closing bell." coming up, slippery slope. oil prices continue to tumble. american petroleum institute ceo jack gerard tells maria the reason why and whether it will ease the pain at the pump. plus, facing privacy issues. facebook planning to cash in on its users' personal information. will the plan boost its stock or chase away members? and not your average joe. world series champion skipper joe torre joins maria to talk

about baseball's huge new tv deal and look ahead to what could be one of the most exciting final days of any baseball season. that and more is ahead on the "closing bell."

welcome back. right to seema mody we go with a news flash. >> take a look at the move in murphy oil after kate kelly's report in the first half of "closing bell." investors laid out a four-part plan for increasing the worth of murphy, beginning with selling the company's retail business. the stock up 4% in today's trade. back to you. >> all right. thank you so much. meanwhile, the price of oil falling to a two-month low today. this while the oil and gas industry is making a lot of noise ahead of the election and asking for big concessions from the winning candidate. jack gerard is the ceo and president of the american petroleum institute. he joins me now from washington. good to see you, jack. thanks for joining us. >> good to see you. nice to be on. >> you know, when it comes to energy, i have to say we don't have an energy policy, unfortunately. what is the most pressing problem that needs to be fixed right now with america's energy

situation in your view? >> well, i think there's three things any administration can do, whoever wins the election in the next few weeks. the first one is to approve the keystone exile pipeline. 20,000 new jobs brings more crude oil to the united states to be produced and used by americans. the second one is the administration could open up additional federal lands to bring more energy to the marketplace in job creating opportunities. the third one and perhaps equally important is to pull back on all the additional regulations that have been put throughout by the obama administration that are having a chilling effect on energy production in the united states. those three things alone would send signals to the marketplace. we're serious about our energy policy. even though congress doesn't act, the administration, the president could take those steps and it would send a clear signal, put a lot more people to work. >> so what should the policy look like? what, in your view, would be the

most important, you know, event that the administration can do to help the country's energy situation? >> i think the first thing is it needs to be a policy driven by job creation. in the oil and the gas business, since this recession started in 2007, 2008, we've created close to 400,000 jobs when the economy has lost 6 million. so we need to focus on job creation potential. the second thing we shouldn't overlook is the amount of revenue that the industry generates as they create these jobs. we contribute over $86 million a day to the federal government. that's a lot of revenue that could help with deficit, deficit reduction and our debt structure. the third piece of that is we could become more energy secure as a nation. today we're less reliant on outside sources. new technologies have allowed us to produce all the energy we'll need right here at home. if we create policies to allow

us to use americans to create american energy, it'll benefit us all. those are the things that could be done immediately. >> so how come the administration isn't doing it, if it's that obvious these jobs can be created soon? >> well, it's unfortunate because i think their limitations on the industry is driven by, in my view, extreme ideology. it's driven by an irresponsible view that we can switch from one energy form to the other overnight. somehow, we can take the 62% of our energy in the u.s., which happens to be oil and natural gas, and just flip a switch and turn that to wind mills or solar panels. all energy forms are important to us, but the reality is it took us 100 years in the united states to get off wood as our primary form of energy. we're going to need oil and natural gas throughout our lifetimes. when we recognize that and we move to produce more of our own,

we cannot only contribute to a stable economy, but we can help bring some of those new emerging energies along and allow them to contribute as well. yeah, it's pretty extraordinary, actually, that the administration has 87% of the outer continental shelf listed as off limited for the oil and gas exploration field. you think this is just an ideolo ideology? >> well, it's clearly got to be driven by such because it doesn't make good sense as it relates to job creation, revenue creation. if you look at what's happened over the past four years, oftentimes you'll hear the president say, well, oil production is up in the united states. well, it is up, but it's in spite of his policies not because of them is. 96% of that increase in production is coming from private land, state and private land. on federal land, where the president has control, production is going down, permitting is going down, and we're going in the wrong direction. >> all right. we'll be watching this.

it's an important topic. we all know it is a job creator. good to have you on the program. >> thank you, maria. >> see you soon. meanwhile, secretary of state hillary clinton says that the iranian government is to blame for the crash of that nation's currency, which has been plunging from economic sanctions over its nuclear program. that's sparking clashes in the streets of tehran right now where citizens are blaming iran's president mahmoud ahmadinejad, for the currency free fall. here are the details. >> iran's currency down 40% in a week, leading to those propests today in the grand bazaar. it's incredibly difficult to manage a business when the currency is shifting so rapidly in such a short period of time. riot police shut down the protest, also shut down the illegal, yet long tolerated, money changers in tehran. in january of 2011, one u.s. dollar cost 10,000 iranian

rials. yesterday, 35,500. big change for one week. the tough economic sanctions mean almost no bank in the world will do business with iran. hence, the country can't sell its oil because no one will handle the transaction. it's led to an extreme shortage of dollars. sanctions also manke it difficut to import goods. they're in short supply. both those situations lead to massive inflation. one commodity trader thinks the oil is falling so sharply today in part because of what's happening to iran. it means a regime change could be coming to iran and hence a greater supply of oil. >> amazing story, michelle. thank you so much. we're in countdown mode, countdown to tonight's debate. we set the stage with new poll numbers out of the key swing states. stick around. the gap between the two candidates is narrowing more than ever. would ceo's make romney

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welcome back. countdown mode is on. we are just over a month away from the presidential election. it's a big one. mitt romney and president obama are set to square off tonight in denver for the first of three presidential debates. you can catch it all right here live on cnbc beginning at 8:00 p.m. eastern. i'll be hosting the pre and post coverage along with carl quintanilla. of course, john harwood will also be with us. he's live on the ground in denver. he's here with a preview. over to you, john. >> hey, maria. it's important to remember this election isn't over. if you look at the new polls that we came out with last night and this morning, mitt romney's only trailing by three points nationally. that's down from a five-point margin a couple weeks ago. he's 9/11 florieven in florida,. he still trails in ohio by five points. that's a big problem. he needs to win the state of ohio. that just shows he has an opportunity tonight. three other big economic issues

they're going to be talking about, first of all, on taxes. mitt romney hasosed a 20% across the board rate cut for individuals, but he hasn't specified how he's going to pay for that without increasing the deficit or increasing the burden on middle and low-income workers. president obama will press him on that. by the same token, p obama says he wants to cut the corporate rate from 35 to 28. he hasn't specified how he's going to pay for that. on jobs, you can expect to hear mitt romney talk about on net since january 2009 when barack obama took office, hardly any jobs created. barack obama will talk about a time line beginning in early 2010. since then, 4 million private sector jobs have been created. finally, medicare, the big issue threatening go bankrupt the budget long term. mitt romney is proposing a substantial change that would include vouchers. he hasn't said how much they'd grow over time. president obama has not said whether or not he's going to propose the same kind of changes

like raising the eligibility age for medicare that he tried in those unsuccessful grand bargain talks with house speaker john boehner last year, maria. >> all right, jauohn. thank you so much. my next guest is making the argument that business leaders don't make the best president. what may be good for wall street is bad for politics. joining me now to talk about this is mr. blinder, now a professor at princeton university. good to see you, alan. thank you for joining us. >> sure. hi, maria. >> make the case. why do you think business leaders fail in government? >> well, ting just requires a very different talent set. governments are democracies. businesses are not. good businesses are not run as democracies. government lives, breathes, and dies on fairness. businesses live on efficiency and innovation. there are many other reasons of that nature. the talents are not transferable. >> they're not transferable. i don't understand that.

why wouldn't the talents of leadership be transferable? for example, one thing that president obama has been unable to do is really bring the two sides together. it feels like this country is as more divisive than it ever has been. isn't a good leader's job to bring poeople together so they can buy into the leader's vision? >> it is, but it's very, very different than the business world. you'll have a ceo who's surrounded by staff and subordinates that are basically supposed to adopt his vision. the president is surrounded by members of congress who have minds of their own and off partisan gripes with the president -- >> but isn't that the point, they're supposed to come together and create a plan for the country. in the leadership, it's the president and congress. >> sure, but off very limited ability. the answer is yes, but you have very limited ability as president of the united states to kind of bully the other side

along. some presidents are better at that than others. lyndon johnson was good at it. >> some people might say the lack of business experience that this president has had has actually been one of the negatives. the reason that we've got persistent unemployment, very little growth in the economy, and $16 trillion in debt, more than $ 1 trillion a year in deficits. >> i don't buy -- people do say that. i don't buy that what so far. i don't think anybody would have done very much better given the hand that president obama was dealt. i think he did mostly the right things. he was not an a-plus manager of the economy. that's for sure. but i think he did pretty well. >> how long does it take to have an impact? at some point, you really can't keep saying i inherited this. at some point it's like, what have you done about it? >> oh, i think the president's hand -- if he's allowed to play his hand early, and president obama did get a bill passed very early -- >> well, he had both sides on his side, right? for the first two years of his

presidency, he had all in, you know? he had the leadership in terms of the democratic side, house and senate. so how is it possible that he didn't get more done when he had both sides of the aisle in his corner? >> if you let me finish, he did get a big stimulus bill passed, i would say within 6 to 12 months of taking office, the president's hand starts being felt on the economy. as you go through the four-year term, it then depends how big a problem you're dealing with. we were not dealing in early 2009 with the problems that are going to go away in one year or two years if super man was president. it was not going to be fixed in four years. by the way, i don't think he communicated that as well as he should have. to the american public. >> is there any evidence of business experience failing in the white house? >> well, there's herbert hoover. the best businessman to ascend to the white house was herbert

hoover, by a margin. i wouldn't consider him a very successful president. he was also dealt a very bad hand, in particular. george bush, the father, george h.w. bush, was a very successful businessman. >> the presidential debate is tonight at 8:00 p.m. on cnbc. up next, another facebook privacy battle in the making. later, baseball great joe torre in the house with the world series just three weeks away. we'll talk about the exciting wind down in the regular season, the league's newly minted $12 billion tv deal, record merchandise sales, plus, what

does he think about baseball's new expanded playoff system? and how about them yanks? then, new weapon in the private jet wars. they're super fast, super light, and super efficient. our wealth editor robert frank coming up on the hopes of revivingand.back in a moment. gecko (clearing throat) thank you, mr. speaker, uh, members of congress. in celebration of over 75 years of our government employees insurance company, or geico...as most of you know it. ...i propose savings for everyone! i'm talking hundreds here... and furthermore.. newcaster: breaking news. the gecko is demanding free pudding. and political parties that are actual parties! with cake! and presents! ah, that was good. too bad nobody could hear me. geico. fifteen minutes could save you fifteen percent or more on car insurance.

when we got married. i had three kids. and she became the full time mother of three. it was soccer, and ballet, and cheerleading, and baseball. those years were crazy. so, as we go into this next phase, you know, a big part of it for us is that there isn't anything on the schedule.

welcome back. facebook approaching 1 million members. in a fight to monetize the business, they're finding ways to leverage its greatest asset, information on its users. they're tracking users based on profiles, e-mail addresses, and surfing habits online. the real kicker, they're even trying to track you offline, tracking spending habits. is this too far, or is it simply good business? rick summer of morning star says it shows facebook is worried about the bottom line. good to see you guys. thanks for joining us. rick, you say facebook's ability to overcome the privacy hurdles is serious. >> yeah, i think it's quite serious. i think you have to look at the assets that facebook has in terms of not only the users but information about them. we're going see a lot of

experimentation about how they present advertising products to advertisers. some will work, some will fail, all will have some sort of consumer watchdog approach to them. we think their best position relative to anyone else in the digital space. >> jamie, you say this is wrong and what you've been fearing and fighting against for so long. >> we're very close to a do not track online policy where the major players in the industry are putting in their browsers the ability for people to say do not track me. third party advertisers pretty soon should have to respect those do not track signals online. what facebook is saying is if you sign up for our platform, we're going to take that as a first-party indication and track you anywhere you go around the internet and serve you with ads. to me, that's morally wrong. it's ethically wrong. people are not going to stand for it. we've seen these privacy revolts at facebook before. i think congress isn't going to treat facebook like an island and treat it different from the other people who do business

online and people who will very soon, if we believe the chairman of the federal trade commission, have to respect the do not track wishes if you're not in a first-party relationship with them. >> isn't it, though, a threat to their own business if they're using user information? you know, that's what google was so afraid of. we did a documentary on google, inside the mind of google, and executive after executive told me they are not going to mess around with people's information because in the end, it will just mean people will flee the company and will lose users. >> well, they're doing exactly what google is doing here, but they have a little different relationship with their users. people are signing on to a social network, but it's also obviously an advertising platform. but when you go off facebook and you're logged out and you've consented to that platform, should you be followed around the internet and served up ads base ed on what you look for or were experiencing on facebook? should you be facebook's product

everywhere you go on the internet? google does the same where if you do a google search or you're roaming around and google analytics is following you based on websites, they serve up ads to you. the rules will change very soon for people who do business only on the internet. i think what facebook is trying to do is carve out a niche where it's playing as an island, different from the people who do business. simply as a web service or a search engine or a traditional internet company since it has almost 1 billion people on its private platform. it's trying to leverage that to be able to do things that pretty soon, i believe, other folks on the internet won't be able to do because there will be a do not track right. >> rick, you say there's going to be a tug of war, this is nothing new, this is business, and facebook will come out ahead. >> look, every single content media property sells access to their users. talk about the demographics or the usability or why they're an

attractive audience. facebook is no different. in fact, we look at these technical hurdles that get put forth across all of the landscape means that the giants actually win. they have the ability to be able to track you, do search retargeting, ad retargeting and different, hopefully, anonymous ways. the big question is, do consumers revolt? clearly, the ads aren't going away. the question is, what do consumers respond to? >> uh-huh. all right, gentlemen. we'll be watching this. this is a really important topic. we want to get your insights on it as the story developing. thanks very much for joining us. >> thank you. >> sure thing. >> we'll see you soon. let's get a market flash update. back to seema mody we go. >> it's a medical device company that is moving sharply to the downside after hours after cutting its third quarter revenue outlook to $147 million. they said it heard from many surgeons of increased delays and denials from insurance payers. take a look at that drop, down

better than 21%. >> all right. seema, thank you so much. we're looking at a full plate of economic readings out before friday's jobs report. three of wall street's top strategists will be weighing in on what will move your money before tomorrow's opening bell rings. don't miss that. also ahead, highway to the profit zone. our wealth editor robert frank taking you inside the latest leer jet and why it could fuel demand. and say it ain't so, joe. joe torre up next on the nail biter of tonight's games and does he still root for the yanks? back in a moment. announcer ] what if you had thermal night-vision goggles, like in a special ops mission? you'd spot movement, gather intelligence with minimal collateral damage. but rather than neutralizing enemies in their sleep, you'd be targeting stocks to trade. well, that's what trade architect's heat maps do. they make you a trading assassin. trade architect. td ameritrade's empowering web-based trading platform. trade commission-free for 60 days, and we'll throw in up to $600 when you open an account.

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welcome back. baseball's regular season coming to an end today. right this minute, the texas rangers and oakland a's are playing a game that will decide who will win the a.l. west. tonight the yanks just need to win to claim their division. my next guest achieved baseball glory leading the new york yankees to four world series titles as their manager. his other challenge these days is helping domestic abuse victims with his tenth annual charity gala just a month away. i'm pleased to have back former yankee an dodger manager joe torre joining me. we'll talk about so much. i want to get into baseball as well. let's talk about safe at home, joe. you started this foundation because of your mother. talk to us about the progress that you've seen and the issues that remain. >> well, you know, maria, this thing is this deep, dark secret.

even when i was growing up in our home, you know, my dad was abusing my mom. he never touched me, physically abused me. there was fear going on. i carried it into my adult life, really never connected the dots until later on. you know, we started our safe at home foundation, surprised my wife when i said i wanted to do something with domestic violence. it was her idea to do it through education. so we have safe rooms in schools. we have actually ten of them in the new york area and two in los angeles. and we give kids the tools to deal with the abuse going on in their lives because it's such a terrible, terrible thing. as i say, to me, it's a health issue. people just don't talk about it because they don't know what to do about it. >> i think that's right. that's really a very important point that you mentioned because it's such a horrible story. people are afraid. they shut down and don't discuss it. you're putting a light on it. how much money have you raised so far?

>> we've raised millions of dollars. our highlight at our dinner, which is november 8th, and i'm going to go on record again to invite you to our gala. >> thank you so much. november 8th. i'm going to look at that and i want to be there for you. >> the -- we've raised, you know -- we have fundraisers. we have a golf tournament. we have our gala every november. you know, we -- everything we raise we spend because it costs us noun put these safe rooms in schools, which we name after my mom, margaret's place. >> right. >> so it's -- and, you know, from being involved with our safe at home foundation, is the fact that i've become -- i'm a co-chair of the defending childhood task force for the attorney general. we're making recommendations by the end of this year to the attorney general on children exposed to violence. so this has been something that has been very enlightening for me because with all the

testimony we've been listening to all over the country, you realize how many different forms of abuse that exist out there. >> absolutely, joe. you've done so much post-baseball, post all the other things you've done in business. thank you for that. we'll continue to support you and ensure that this word gets out. it is appropriate that you're with us on the last day of major league baseball's regular season. i got to get your take on this as well. first of all, let's see the world series ring there. >> there it is, young lady. that's '96. >> hot stuff. thank you. >> that's '96 because it's the first one. there will never be another first one. >> wow. this ring is awesome. look how huge that is. thank you for letting me wear it. i feel like it's good luck. let me ask you about what's going on in baseball right now. of course, the yankees trying to avoid a one-game playoff with the orioles to take their division. you have texas and the a's right now. how good is this for the business of baseball and fans? >> it's great. i think the commissioner adding

the second wild card has made this so exciting down the last -- not only the last week of the season, but the last day of the season where you have -- first of all, if the yankees lose tonight and the baltimore orioles win, they'll have a one-game playoff tomorrow in baltimore, and then the loser will play a wild card game against the other wild card team, which is going to depend on the loser of the oakland/texas game today. so it's very exciting. the one-game playoff, you know, i think they should call it game seven because it's, you know, for all the marbles and to get into the post season. >> now, this is the first year for the expanded playoff system. talk to us about that. many criticized too many teams now make the postseason. where do you come down on that? >> i didn't think during the years where we had one wild card that there was enough of an advantage to winning the division. i didn't think that being a wild

card team was any disadvantage. now having the two wild card teams, you have to play yourself into the postseason with the opportunity to go to the world series. so i like it a lot because i really think it sort of validates that extra team that's going to, you know, compete with the other three division winners. >> the commissioner, bud, said that baseball is having its best year in game attendance since 2008. have fans, do you think, from the economic hit, have they recovered from that economic hit? do you think baseball is cementing its financial position at this point? >> well, we increase attendance every year. the game is, you know -- people who are fans of baseball, you know, are lifelong fans of baseball. it's a marathon. it's not the football where you play once a week and get excited about it. i'm a football fan, so i'm not criticizing it. but baseball is the long haul. what's added excitement to it is

this extra wild card and, you know, just the fact that the world series is pretty special. >> you still root for the yanks? >> i'm not allowed to. i work for the commissioner, so i represent all 30 teams. >> but there's got to be something in there. >> i root for people, marimaria. you know, derek jeter. of course joe girardi, who was one of my coaches and played for me, especially this year. >> anybody out there, the younger guys, that you look at and say, you know -- i mean, how has the emergence of newcomers changed the game? >> well, i mean, oakland has a -- their whole team is a bunch of young kids. they're a bunch of rookies. it's remarkable to watch this young team that you thought was going to go away, but they haven't. here we are on the last day of the season. they have a chance -- they are going to be in the playoffs. they have a chance to win the division. >> that must expand the audience. >> i would think so. you see the crowds there in oakland today. that's pretty remarkable because, you know, they've been complaining about wanting to move because of the lack of

attendance. and this kid who's -- you know, bryce harper who's playing in washington. they're division winners in the national league. they're going to, you know, go to the dance here. >> really exciting stuff. joe, thanks so much for joining us. >> joetorre.org for more about our foundation. >> and margaret's place, safe at home. joetorre.org. we'll go e. joe, thank you. best of luck can the upcoming foundation gala. fasten jyour seat belts. robert frank is going to talk to us about the newest private plane that promises high speed as well as high profits. back in a moment. accolade overdrive.

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welcome back. the once high flying private jet industry has been grounded for the past four years. there is a new weapon that could help the industry take off once again. wealth editor with the story. hi, robert. >> thanks so . these planes may look glamorous but the private industry has been in deep crisis. private sales down.

in the fractional world the number of people in fractional and the number of planes is down but the big hit has been in prices. if you bought a plane before the crisis at $40 million it is probably worth about 20 or 25. every year executives predict a recovery and it has not happened. >> first of all, yes we will get back. the peak was 2007. do i have a year. i definitely have a year but i don't know what number it is. >> normally private jets recover with corporate profits and individual wealth. corporate profits and wealth is back but private jets are not. industry folks tell me it will be 2016 or '17 before we get a recovery. back to you. >> make sure to check out the brand new inside wealth section at cnbc.com.

you will find more reporting. good stuff. take a short break and then my thoughts on leadership is next. now we need a little bit more... a little bit more vanilla? this is great! [ male announcer ] at humana, we believe there's never been a better time to share your passions... because the results... are you having fun doing this? yeah. that's a very nice cake! [ male announcer ] well, you can't beat them. [ giggles ] ohh! you got something huh? whoa... [ male announcer ] humana understands the value of spending time together that's a lot of work getting that one in! let's go see the birdies. [ male announcer ] one on one, sharing what you know. let's do it grandpa. that's why humana agents will sit down with you, to listen and understand what's important to you. it's how we help you choose right humana medicare plan for you. because when your medicare is taken care of, you can spend more time sharing your passions. wow. [ giggles ] [ male announcer ] with the people who matter most. i love you grandpa!

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and finally my observation on leadership. it is on my mind because larry ellison reminded us that leaders create a vision and they are accountable for the strategy. this is one of the most critical pieces of a project, business or country. much has been said about the lack of leadership in the united states. congress leaves for vacation without dealing with the issue of the fiscal cliff leaving so many jobs in the balance. leaders have an ability to bring people together so they can push forward on a strategy. president obama has been unable to bring people together. instead many believe he has created more divisiveness and class warfare. success and failures and leadership can be seen clearly and quickly. the board of hewlett-packard along with management has been

setting the course for this once global leader in business. the leadership has bee mixed. the board hired and fired in just a short amount of years. where is the accountability now that we are watching a 50% market value loss i hewlett-packard. larry ellison who has led oracle has inspired confidence and leadership. this is what oracle ceo told me yesterday about leadership citing apple with steve jobs and hp. >> i have great respect for that company and tim cook. i will say it again. steve is irreplaceable. we have all lost something. he was our edison. he was our picasso. there is no one like him.

apple will thrive but not like when steve was around. look what mark did when he was at hp. people forget how much trouble hp was in when he took over and what a spectacular job he did. it is like looking at the apple results. hp without mark herd. >> it is truly amazing with the person in the proith position might do but it is sad what the damage one person in the wrong position and charge. we are seeing bad leadership in too many posts. we have a lot of economic data out tomorrow. dow industrials at 12 points. nasdaq composite at 3,135 and the s&p 500 up 5.24.